Barclays Notifies Subsea7 of Breaching Luxembourg Transparency Law

Barclays Capital Securities Limited has notified Subsea 7 S.A. that it has breached the 5% threshold of voting rights in the company, as required by Luxembourg's Transparency Law, with a total of 5.22% of voting rights held through shares, financial instruments, and swaps. This notification highlights the importance of transparency in the financial sector, particularly in the context of European Union regulations, and is relevant to Subsea 7's operations as a global leader in offshore projects and services for the evolving energy industry." This description focuses on the primary topic of the article (the notification of breached thresholds), the main entities involved (Barclays Capital Securities Limited and Subsea 7 S.A.), the context of European Union regulations, and the significance of transparency in the financial sector. It also provides objective and relevant details that will help an AI generate an accurate visual representation of the article's content, such as the percentage of voting rights held and the industry in which Subsea 7 operates.

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Bijay Laxmi
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Barclays Notifies Subsea7 of Breaching Luxembourg Transparency Law

Barclays Notifies Subsea7 of Breaching Luxembourg Transparency Law

Barclays Capital Securities Limited, a wholly-owned subsidiary of Barclays Plc, has informed Subsea 7 S.A. that it breached the thresholds provided for by Luxembourg's Transparency Law of January 11, 2008, as amended. The breach occurred on May 8, 2024, when the total number of voting rights in Subsea 7 S.A. reached 8,374,589 voting rights attached to shares, 6,931,614 voting rights attached to financial instruments with similar economic effect (right to recall), and 579,143 voting rights attached to financial instruments with similar economic effect (swaps). Combined, these positions equate to 5.22% of the voting rights of Subsea 7 S.A.

Why this matters: This notification highlights the importance of transparency in the financial sector, particularly in the context of European Union regulations. The disclosure requirements under Luxembourg's Transparency Law help maintain market integrity and prevent potential market manipulation.

Subsea7, a global leader in the delivery of offshore projects and services for the evolving energy industry, received the notification from Barclays on May 13, 2024. The company is listed on the Oslo Børs (SUBC) with ISIN LU0075646355 and LEI 222100AIF0CBCY80AH62. A copy of the notifications received from Barclays is available on Subsea7's website, www.subsea7.com.

Luxembourg's Transparency Law, enacted on January 11, 2008, sets forth disclosure requirements for shareholders of companies listed on regulated markets within the European Union. The law mandates that shareholders notify the issuer when their voting rights reach, exceed, or fall below certain thresholds, typically starting at 5% and increasing in increments of 5%.

The notification from Barclays Capital Securities Limited comes as Subsea7 continues to navigate the evolving landscape of the energy industry. The company has been focusing on diversifying its portfolio and expanding its presence in the renewable energy sector, particularly in the offshore wind market. Subsea7's expertise in complex offshore projects positions it well to capitalize on the growing demand for clean energy solutions.

The information provided by Barclays is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. For further inquiries, the investment community can contact Katherine Tonks, Subsea7's Investor Relations Director, at +44 20 8210 5568 or ir@subsea7.com.

Key Takeaways

  • Barclays Capital Securities Limited breached Luxembourg's Transparency Law thresholds with 5.22% voting rights in Subsea 7 S.A.
  • Breach occurred on May 8, 2024, with 8,374,589 voting rights attached to shares and financial instruments.
  • Notification highlights importance of transparency in EU financial sector regulations.
  • Subsea7 is a global leader in offshore projects and services for the evolving energy industry.
  • Company is diversifying its portfolio and expanding in renewable energy, particularly offshore wind.